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valuemoney (99.99)

GOLD

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November 23, 2009 – Comments (7)

Gold. I think gold is retarded. I mean come-on what is the point, This is 2009. We are not cavemen anymore. We do have currency markets. I dont understand why anyone would invest in Gold. The are way too many other reasonable ways to protect against the falling Dollar. Gold really isn't good for much. I wish anyone who buys gold would have to get the gold itself. Then they can put the gold in their room at home and look at it. And one day the would wake up and say " what was I thinking buying this?". Then go and have to try to go and get rid of it. Take a trip to the store and take a piece of that gold with u, throw it on the counter. The cashier would look at u as if u'd been smoking something, and say "what's that?". U would go "It's GOLD, it's worth a lot".  Casher respondes "GROW UP!" and "come back when u have some real cash". U leave with your head down saying "stupid gold" I thought u were good. Now u basically have this itty bitty yellow rock that has done nothing for u. Silver can at least be used for many different things. Dido for copper and diamonds. Black gold (oil) u can refine make gas for your car and go somewhere. Then there is gold, what a joke. MARKET VALUE= $1164.70 ....... FAIR VALUE = $8.45

OK this is just my feelings on gold. Not trying to dog anyone. Hope I got a few laughs though. I felt like bloging tonight and was just sick of hearing GOLD on Bloomberg and CNBC and all those comercials for gold. Needed to vent.

7 Comments – Post Your Own

#1) On November 23, 2009 at 11:10 PM, rofgile (99.29) wrote:

Hi Valuemoney,

 I really appreciated your blog.  I started to write a response to yours, but it got kinda long, so I just put it as another blog.

 Anyways - I agree, down with gold!

 -Rof 

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#2) On November 23, 2009 at 11:42 PM, ganalon (75.50) wrote:

From a personal vantage point I agree.  It is difficult to come up with an intrinsic value for gold because it is used for increasingly little other than jewelry.  Ten years ago gold was used in connecting silicon chips to their surrounding package, but that is now a thing of the past.  Similarly gold was used for dental crowns, but increasingly porcelain crowns are preferred.

Gold is valueable mostly because it is scarce, less so because it is useful.

All that said, I would have liked to have bought gold at $500.  If I had I would be selling it at close to $1170 today.

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#3) On November 24, 2009 at 12:00 AM, FleaBagger (29.24) wrote:

You should check out my response to rofgile's blog. Basically, it's no sillier than buying pieces of paper (which are, in fact, electronic now, so you don't even get the paper - just what are you advocating, anyway?) - or crude oil.

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#4) On November 24, 2009 at 12:20 AM, ajm101 (31.82) wrote:

Fleabagger, the difference being of course that you don't need to dig up a ton of rock from a mile and a half under the surface of the earth, leach it in sodium cyanide, dump toxic heavy metals into it, and then dump sulfuric acid into it to produce a couple of ounces of cash or oil.

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#5) On November 24, 2009 at 1:46 AM, cbwang888 (25.83) wrote:

 

Gold is up because Fiat money are so damn easy to get for big guys.

Credit flood on Wall street versus credit draught on Main street. Got it?

 

 

 

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#6) On November 24, 2009 at 3:24 AM, whereaminow (20.31) wrote:

Gold. I think gold is retarded. I mean come-on what is the point, This is 2009. We are not cavemen anymore

LOL, cavemen used gold huh? 

Nah, I think cavemen didn't practice much exchange, and if they did it was barter, while central banks use gold.  Are you saing that today's central bankers act like cavemen, or are you saying that you are a Liberal and therefore, ignorant?

We do have currency markets. I dont understand why anyone would invest in Gold. 

Then your thoughts on gold prices are irrelevant. Whether it is gold, guns, McDonalds stocks, art, anything at all, the price is determined at the margin by subjective buyers and sellers.   You are nowhere near being either a marginal buyer of gold, just as some gold holders are nowhere near being marginal sellers of gold.  Neither one of you is forming the price right now.

Everytime gold goes up, another public school victim writes a hilarious anti-gold blog.  They never studied.

David in Qatar

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#7) On November 24, 2009 at 8:16 AM, russiangambit (29.14) wrote:

Because to get gold or oil or any other commodity you actually have to work to produce it and there is a natural constraint to the supply. To produce a currency all you need is a computer. And you can keep adding currency all day long.

It is all about confidence that Central Bankers worry so much about. Because without the confidence the paper money collapses. They know it, and still they cannot fight the temptation of "solving" decades old problems the "easy" way   - through creation of flood of money, which undermines the confidence they value so much.

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